MARKET WRAP: Sensex snaps 3-day gaining streak, down 71 pts; metals drag

All that happened in the markets today

3:43 PM

Sectoral trends at NSE at close

3:42 PM

Top gainers and losers on S&P BSE Sensex at close

3:41 PM

Closing Bell

--  The benchmark S&P BSE Sensex settled 71 points, or 0.17 per cent, lower at 40,938.72 level. The losses seen at metal and FMCG counters were trimmed by gains in the information technology (IT) stocks. 

-- On the NSE, the broader Nifty50 index held the 12,000-mark, at 12,053.95 level, down 33 points or 0.27 per cent. 

3:41 PM

STOCK ALERT | ITC falls 2% after huge block deals

3:24 PM

Realty stocks gain in the fag end of the session

3:12 PM

Mastek extends rally; gains 20% in 2 days on partial stake sale in Majesco

Shares of Mastek moved higher by 14 per cent to Rs 431 on the BSE in the afternoon deals on Monday, ralling 20 per cent in the past two trading days.

 

The company, on Friday, said it's wholly owned subsidiary Mastek (UK) has sold partial stake in Majesco to drive growth strategy. The software services provider plans to divest the remaining stake. READ MORE

2:57 PM

Lenders step up repossession of commercial vehicles on payment defaults

Stockyards in logistics and transport hubs in various parts of the country are overflowing with repossessed commercial vehicles, as the rising incidence of defaults is forcing financiers to step up the seizure of these vehicles.

 

The data collated by the Delhi-based Indian Foundation of Transport Research and Training (IFTRT) from financiers and transporters shows that close to 50,000 commercial vehicles have been seized and are parked in the stockyards. READ MORE

2:43 PM

MARKET CHECK | Top 5 gainers on the BSE at this hour

2:42 PM

WPI inflation rises to 0.58% in Nov on hike in prices of vegetables, pulses

Wholesale prices based inflation rose to 0.58 per cent in November, as against 0.16 per cent in October due to increase in prices of food articles. The annual inflation, based on monthly wholesale price index (WPI), was at 4.47 per cent during the same month a year ago (November 2018). The rate of price rise for food articles rose to 11 per cent during the month as against 9.80 a month earlier, while for non-food articles it eased 1.93 per cent from 2.35 per cent in October. READ MORE

2:31 PM

Rupee check

2:23 PM

NEWS ALERT | Sanjiv Kapoor resigns as CCO of Vistara: CNBC TV18

2:16 PM

NEWS ALERT | Lenders to Ruchi Soya likely to receive their dues today: sources to CNBC TV18

-- Unsecured lenders to get Rs 40 cr

-- Secured lenders to get Rs 4,053.19 cr

-- Total admitted claims from financial creditors against Ruchi Soya stand at Rs 9,384 cr

2:13 PM

Global Markets check

Asian shares hit their highest in nearly eight months on Monday after the United States and China agreed on a preliminary trade deal, with Australian shares leading the way on expectations of more easing of monetary policy there.

European shares were set to build on the previous week’s gains. In early European trades on Monday, pan-region Euro Stoxx 50 futures were up 0.62 per cent, German DAX futures were 0.5 per cent higher and FTSE futures rose 0.6 per cent.

 

US stock futures also pointed to stronger gains to start the week, with the S&P 500 e-minis up 0.27 per cent.

Positive sentiment helped push the MSCI’s broadest index of Asia-Pacific shares outside Japan to its highest level since April 18. It was last up 0.25 per cent.

 

Australia’s S&P/ASX 200 led the way as it jumped 1.63 per cent, while shares in Taiwan added 0.22 per cent.

(inputs from Reuters)

2:04 PM

Kansai Nerolac Paints gains 3%

2:00 PM

EXPERT COMMENT | Sunil Sinha, Principal Economist, India Ratings and Research on Nov WPI nos

Wholesale inflation for the month of November 2019 came in at 0.58%, broadly similar to 0.16% in October 2019. Although food article in the wholesale price index have been firming up over the past few months and reached the double digit mark in the month of November 2019, sustained weakness in both fuel and manufactured component has helped the overall wholesale inflation to remain benign.

India Ratings and Research believes, RBI will continue to do the balancing act even in its February 2019 policy review. With fiscal deficit likely to exceed budgeted 3.3% of GDP in FY20 and non-transmission of policy rate cut so far in the real economy means that RBI would act on policy rate based on evolving economic situation and incoming high frequency data despite the fact that growth slowdown perhaps warrants further cut in the policy rate.  

1:50 PM

Market check

1:43 PM

Sector watch | Nifty Metal index slips 0.7%; Nalco, SAIL top drags

1:30 PM

Top gainers on BSE at this hour

1:20 PM

Buzzing | Ramco Systems sees sharp gain post signing agreement with China Aircraft Services

-- Through this collaboration, Ramco will provide its integrated Aviation Suite with modules for Maintenance & Engineering, MRO Contracts, Supply Chain, and Finance to help CASL manage their end-to-end line and base maintenance, ground handling and cabin services.

 

1:13 PM

Buzzing | Bandhan Bank trading near day's low

1:03 PM

EXPERT COMMENT | Rahul Gupta, HoR - Currency, Emkay Global Financial Services on Nov WPI nos

India’s Nov WPI has surged to 3-month high of 0.58 per cent from 0.16 per cent in Oct mainly on account of higher food prices. However, it remained below the market consensus of 0.74 per cent, this indicates that few sectors including manufacturing are still under stress. Overall, inflation is picking up in the economy, amid slow growth, this can be a sign of worry for the RBI at Feb policy.

12:59 PM

BROKERAGE RADAR | Kotak Securities on Print Media

We expect print ad revenues to decline in the next 3-5 years due to a continued shift of ad spends to digital from print. R-Jio and a weak macro (especially rural economy) have accelerated this shift and amplified the impact of digital on print advertising. The medium-term outlook for other revenue streams (print circulation and radio) isn’t encouraging either. We cut estimates and fair value of Jagran Prakashan and DB Corp and maintain our cautious view.

12:58 PM

NEWS ALERT | Astron Paper & Board Mill enters into strategic partnership agreement with China-based co: BSE filing

-- The Company has entered into a "Strategic Partnership Agreement" with SHANDONG ZHONGHUI SUPPLY CHAIN MANAGEMENT CO LTD, (ABC Paper), China.

-- The agreement will be executed for the period of three year i.e up to 31st December, 2022.

-- The ABC PAPER will transfer technical knowledge and experience for upgrade of plant

12:54 PM

Navin Fluorine gains for third straight day; stock hits fresh all-time high

Shares of Navin Fluorine International were trading higher for the third straight day, up 2 per cent at Rs 960 in intra-day trade on Monday after the company announced a capex plan of Rs 450 crore at Dahej through a wholly-owned subsidiary, which is to be incorporated. The stock has rallied 8 per cent in the past three trading days, as compared to 1.5 per cent rise in the benchmark S&P BSE Sensex. In the past two months, it rallied 32 per cent against 6 per cent gain in the benchmark index. READ MORE

12:49 PM

With YES Bank approval on cards, Coffee Day-Blackstone deal almost sealed

In a major relief to Coffee Day Enterprises (CDEL), YES Bank is learnt to have softened its stance and decided to render the ‘no objection’ to the Bengaluru-based firm’s decision to sell its Global Village Technology Park to Blackstone.

 

The private sector lender has conveyed this decision verbally while a formal letter of approval is expected to reach Coffee Day Group in the next 2-3 days, highly placed sources privy to this development said.  READ MORE

12:37 PM

BROKERAGE RADAR | Motilal Oswal Financial Services on Voltas

CMP: Rs 679 | TP: Rs 785 (+16%) | Buy

 

According to Voltas’ (VOLT) management, the company is benefiting from the fallout in the US-China trade war. Due to high inventory build-up in China, VOLT was able to avail high discounts, which more than offset the import duty increase. Thus, based on the present situation, it is confident of achieving an 11% EBIT margin in the Unitary Cooling Product (UCP) segment without any price hikes. 

12:35 PM

Grasim Industries down 2%

12:32 PM

BROKERAGE RADAR | Emkay Global Financial Services on IndusInd Bank

Maintain Buy with a revised TP of Rs 1,725 and turn slight OW in EAP due to its reasonable valuations for potentially higher return ratios (2% RoA/18-19% RoE), strong retail orientation and strong capital position. However, the near-term stock performance will track the outcome of asset quality/new MD and CEO.

12:31 PM

BROKERAGE RADAR | Anand Rathi Shares on L&T Infotech

L&T Infotech expects to regain its growth momentum in H2 FY20 as client issues move behind it and the deal pipeline improves ~42% y/y (incl. large deal proposals). Management provided no details on visa investigations (sub judice) but believes that there are no integrity issues on the company’s part. We largely retain our FY20e/21e and Buy recommendation, but on the better growth outlook raise our target to Rs 1,900 (Rs 1,860 earlier).

12:30 PM

BROKERAGE RADAR | ICICI Securities on Metals

We are more constructive of steel sector in CY20. On the cycle turn (and data have turned more prospective), as loss probability reduces and RoE expectations start to scale towards 8-9%, the bottom cycle P/B metric of 0.5x will give way to 1x P/B allowing significant upside in most names. This is highlighted by target prices for our top-2 BUYs in the sector (Tata Steel, JSPL). While we are positive on NMDC, the extent of disruption as feared by many in India may not come true. We are still not completely convinced of aluminium plays and cost curve and smelter profitability is raking-up doubts.